Final Regulations on GST

In November, the IRS issued final regulations (T.D. 9556) that require the disclosure of listed transactions or transactions of interest under Sec. 6011. The regulations also add transactions that reduce or eliminate the GST tax as transactions of interest or listed transactions.

The regulations provide disclosure rules for listed transactions and transactions of interest and adopt REG-136563-07 without change. Additionally, the regulations provide guidance to material advisers on maintaining a list as required under Regs. Sec. 301.6112-1. A material adviser will have 30 calendar days to prepare the required list starting on the date the list maintenance requirement first arises.  

See Final Regulations Govern Listed Transactions for GST Tax, Journal of Accountancy, Nov. 10, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.